ITR 19-20 FOR income below 6% & turnover below 1 crore

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41 Points Posted on 31 March 2021
I have filled return for partnership firm in fy 2018-19 under 44AD. Can I show income below 6% ( Turnover is less than 50lakh) in ITR 3 for FY 2019-20.

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On 31 March 2021 at 21:06 Report
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A partnership firm filed its return under section 44AD for FY 2018-19. The user is asking if they can declare income below 6% of turnover for FY 2019-20, with a turnover under £50 lakh. The response clarifies that declaring profit below 6% (for digital turnover) or 8% (for cash turnover) will trigger a tax audit, as these are the minimums required to benefit from section 44AD.

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Chartered Accountant
24588 Points Posted on 31 March 2021
If you show profit less than 6% of turnover then tax audit will be applicable
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On 31 March 2021 at 21:39
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17269 Points Posted on 01 April 2021
Minimum 6% (digital turnover) and 8% (cash turnover) you need to declare to take benefit of 44AD
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On 01 April 2021 at 01:52

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